QCR (US:QCRH)2024-10-23 20:05Financial Performance - Net income for Q3 2024 was $27.8 million, or $1.64 per diluted share, compared to $29.1 million and $1.72 per diluted share in Q2 2024[1]. - Adjusted net income (non-GAAP) for Q3 2024 was $30.3 million, or $1.78 per diluted share, up from $29.3 million and $1.73 per diluted share in Q2 2024[2]. - Noninterest income for Q3 2024 totaled $27.2 million, down from $30.9 million in Q2 2024, impacted by a $473 thousand loss from a securitization[5]. - Net income for the quarter was $27,785 thousand, a slight decrease from $29,114 thousand in the previous quarter, down by 4.56%[24]. - Basic EPS was $1.65 for the quarter ended September 30, 2024, compared to $1.73 in the previous quarter, a decline of 4.63%[24]. - Net income for the nine months ended September 30, 2024, was $83,625,000, an increase from $80,703,000, which is a growth of 2.4%[25]. - Basic EPS rose to $4.97 from $4.82, indicating an increase of 3.1% year-over-year[25]. - Adjusted net income for the quarter ended September 30, 2024, was $30,303 thousand, up from $29,259 thousand in the previous quarter, representing a 3.56% increase[36]. - Adjusted earnings per common share (diluted) for the quarter was $1.78, compared to $1.73 in the previous quarter, reflecting a 2.89% increase[36]. Income and Expenses - Total noninterest expense increased to $53,565 thousand from $49,888 thousand in the previous quarter, an increase of 7.36%[24]. - Total noninterest expense (GAAP) for the quarter was $53,565 thousand, compared to $49,888 thousand in the previous quarter, reflecting a 7.36% increase[36]. - Total noninterest income remained stable at $84,904,000 compared to $84,955,000 in the previous year, showing a slight decrease of 0.1%[25]. - Total noninterest expense increased to $154,143,000 from $149,593,000, marking a rise of 3.7%[25]. Interest Income and Margin - Net interest income increased by $3.6 million, or 6%, to $59.7 million in Q3 2024, with net interest margin expanding by 8 basis points to 3.34% (TEY) (non-GAAP)[4]. - Net interest income reached $59,722 thousand for the quarter ended September 30, 2024, compared to $56,163 thousand in the previous quarter, reflecting an increase of 4.56%[24]. - Interest income rose to $125,420 thousand, up from $119,746 thousand in the previous quarter, marking an increase of 5.59%[24]. - Net interest income after provision for credit losses was $158,635,000, up from $153,930,000, reflecting an increase of 3.7% year-over-year[25]. - The net interest margin (TEY) improved to 3.37% from 3.27% in the previous quarter, showing a positive trend in interest income[26]. - Adjusted net interest margin (TEY) was reported at 3.37%, up from 3.27% in the previous quarter, indicating improved profitability on earning assets[36]. Assets and Deposits - Total assets increased to $9,088.57 million as of September 30, 2024, up from $8,871.99 million in June 2024, representing a growth of 2.4%[19]. - Total deposits reached $6,984.63 million, an increase of 3.2% from $6,764.67 million in June 2024[19]. - Total deposits increased to $6,984,633 thousand as of September 30, 2024, up from $6,764,667 thousand in June 30, 2024, representing a growth of 3.25%[22]. - Total assets for QCR Holding, Inc. as of September 30, 2024, were $9,088,565,000, an increase from $8,871,991,000 as of June 30, 2024[34]. - Deposits rose to $6,858,196,000, compared to $6,687,188,000 in the previous quarter, reflecting a 2.55% increase[26]. Loans and Credit Quality - Total loans and leases increased by $53.5 million to $6.7 billion in Q3 2024, with year-to-date loan growth of 10.5% annualized, excluding securitized loans[9]. - Nonperforming assets (NPAs) to total assets ratio remained stable at 0.39%, with NPAs totaling $35.7 million at the end of Q3 2024[10]. - The total provision for credit losses was $3.5 million in Q3 2024, a decrease of $2.0 million from the prior quarter, reflecting improved credit quality[10]. - The allowance for credit losses was $86.32 million, compared to $87.71 million in June 2024, reflecting a reduction of 1.6%[20]. - Total criticized loans decreased to $150,143 thousand from $165,441 thousand, a reduction of 9.2%[29]. - The ratio of nonperforming assets to total assets remained stable at 0.39%[29]. - Total nonperforming loans/leases increased to $34,778 thousand, up from $33,633 thousand, representing a growth of 3.4%[29]. Competition and Market Conditions - The company is facing increased competition in the financial services sector, particularly from non-bank competitors, which may impact future customer acquisition[18]. - The company revised its risk rating scale for credit quality monitoring during the first quarter of 2024[29].